Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a seven-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bands: 21 Interest Expense Increase in Carrying Value Cash Paid Scoped Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $950,000 950,000 950,000 950,000 $1,034,037 1,039,079 1,044, 424 1,050,090 $ 84,037 89,079 94,424 100,090 Carrying Value $17, 233,953 17,317,990 17, 407,069 17,501,493 17, 601,583 cBook What is the market annual rate of interest on the bonds? (Hint: Be sure to provide the annual rate rather than the six-month rate.) (Do not round your intermediate calculations.) Multiple Choice 10% 129 11%